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Quick and Easy Debt Elimination Tips

Got debt? If you live in the United States, chances are you probably do. We’re big spenders here, even if we don’t have the income to support it. Thousands of Americans are knee deep in debt, yet so few are willing to put forth the effort to eliminate that debt. Maybe it’s because they really can’t afford to, though statistics show that more than one-third of households that owe over $10,000 in debt make under $50,000 a year. It’s hard to eliminate significant portions of your debt when you’re barely making enough to pay the minimum payments. However, the art of debt elimination has been around for ages and we’ve compiled some great tips for quick and easy debt elimination - even if you’ve got a small income.

Debt Elimination Tips

  • Start eliminating your debt by setting up a plan for yourself. In most cases, it’s better to start paying off the high interest rate debts first, as they’re the ones that will cost the most over time.
  • Put more of your money towards paying off the debt each month. Instead of buying a TV or saving money for a vacation, put as much of your money toward the debt as you possibly can. This should allow you to pay much more than just the minimum payment and eventually eliminate your debt faster.
  • Is most of your debt on one or two high interest rate credit cards? If it is, consider applying for a new credit card that offers balance transfers. By transferring your balance you may be able to get zero percent interest for a year or longer on your new card. Just remember that some companies will hit you with extraordinarily high interest rates after the initial zero percent periods - so pay off that debt fast.
  • Call your credit card company and ask for a lower interest rate. Surprisingly, most credit card companies are happy to oblige, especially if you make your payments on time and remain in good standing.
  • If you’re having trouble putting a major dent into your debt, try hiring a loan consolidator or debt negotiator. Find a trustworthy, well-known program and let them do the hard work for you. Many people are able to cut their debt in half or reduce their interest rates with these programs.

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